WorldSpace has reported to the Securities and Exchange Commission the details of its recently completed sale to a company headed by its founder and former chairman.
The international satellite company, which operates two satellites in orbit over Africa and Asia, completed the sale on June 23 to Yazmi USA, which is owned and controlled by Noah Samara.
“After negotiating a sale with numerous interested parties, the sellers agreed to a sale to Yazmi for a purchase price that consisted of $5.5 million cash, plus the funding of certain operating expenses,” they told the SEC.
The current ownership organization earlier had filed for bankruptcy, so this transaction required approval of a federal bankruptcy court, which it won this month. A settlement agreement also had been reached involving the owners, its creditors, Liberty Satellite Radio, Samara’s company and various others.
You can read the highly detailed purchase agreement on the WorldSpace investor website; see the June 29 Form 8K entry. It includes a technical inventory of equipment at its various facilities (see page 57 of the 152-page document) as well as summaries of which subsidiaries are included in the settlement; the status of various contracts and leases; and much other legal and financial information about the company’s efforts to date as well as its current obligations.